Shares of Alphabet and Tesla took a beating Thursday after the tech giants said they would ramp up their already breakneck pace of artificial intelligence spending – rattling investors who are increasingly wary of whether the massive bets will pay off. Tesla shares fell 10% and Alphabet sank over 5%. The dismal trading day comes … Read more
Southwest Airlines became the latest US carrier on Wednesday to withdraw its financial forecast as President Trump’s trade war has created the biggest uncertainty for the industry since the COVID-19 pandemic. With little clarity on how consumers will behave in the face of a potentially worsening economy, airlines are struggling to accurately forecast their business. Travel is a discretionary item for many … Read more
Starbucks CEO Brian Niccol on Wednesday told investors that he plans to overhaul Starbucks’ US locations, adding more comfortable seating, ceramic mugs and a coffee-condiment bar, with customer wait times of less than four minutes. Faced with falling demand for its pricey beverages in the key US and China markets as well as a slide in … Read more
Netflix blew past Wall Street expectations for the second straight quarter on Thursday as ad-supported streaming plans helped bring in 9.3 million new customers as the streaming giant’s decision to crack down on password sharing continue to pay dividends. Earnings per share for January through March came in at $5.28, compared with $2.88 a year earlier. … Read more
Cultural phenomenon Taylor Swift helped fuel revenue at Universal Music Group in the third quarter, the world’s largest record label said Wednesday. Total revenue was 2.75 billion euros ($2.9 billion) in the quarter, up 3.3%. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at 581 million euros ($612 million), up 5.1%, the company … Read more
The sale of Taylor Swift merchandising pushed revenue at Universal Music Group in the second quarter, the world’s largest record label said Wednesday. The American pop star’s ongoing “Eras Tour” has attracted enough fans to help boost hotel and restaurant revenue in cities across the world, and even contribute to concert ticket inflation, a phenomenon that some economists … Read more